https://www.taxtmi.com/caselaws?id=448500 The NCLAT Chennai granted an extension of more than 8 months for implementing a resolution plan under the Insolvency and Bankruptcy Code, 2016. The tribunal emphasized that liquidation should be a last resort and that the IBC serves wider public interest beyond mere debt recovery. Finding the successful resolution applicant demonstrated prima facie bona fide intent to complete implementation, the tribunal exercised powers under Rule 11 to accept the extension proposal and disposed of the appeal. en-us Fri, 19 Jan 2024 00:00:00 +0530 Sat, 20 Jan 2024 08:22:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448500 The NCLAT Chennai granted an extension of more than 8 months for implementing a resolution plan under the Insolvency and Bankruptcy Code, 2016. The tribunal emphasized that liquidation should be a last resort and that the IBC serves wider public interest beyond mere debt recovery. Finding the successful resolution applicant demonstrated prima facie bona fide intent to complete implementation, the tribunal exercised powers under Rule 11 to accept the extension proposal and disposed of the appeal. Case-Laws Insolvency and Bankruptcy Fri, 19 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448500